Apple co-founder Steve Jobs once said, “Invent tomorrow instead of worrying about yesterday.” Similarly, in the traditional real estate sector, old-age and new-age companies recognize the need to adapt to ever-changing technological landscapes in order to remain relevant and stay competitive. I’m here. The entire real estate industry has been tectonic in this decade with a unique and fast-growing concept.
In today’s digital age, the role of technology has transformed businesses from back-end enablers to core departments of business strategy across various industries. As the pandemic has forced multiple organizations to rush their digital transformation strategies, the Indian real estate industry has been no exception. Landscape is exemplary in terms of agility and speed to adopt evolving technology-enabled markets. It has helped protect future growth by fostering real estate resilience and stabilizing existing businesses.
Technology is gradually empowering every aspect of human behavior, and its continued advancement is playing an increasing role within the real estate sector. Technology has contributed to the evolution of various industries and sectors as many industries and technologies go hand in hand. New technologies are constantly shaping the evolution of different industries, and no industry is immune to this change. Adoption of technology has helped impact bottom line in the long run.
In the early 2000s, the Indian real estate market saw the first wave of a broad tech adoption (real estate + technology) space with the launch of online advertising for buying, selling and renting homes. Since then, the Indian prop technology space has evolved rather slowly. Apart from some new business models such as co-living and co-working, there has been incremental improvement but not much innovation in the prop tech sector.As real estate is the largest asset class in India this is often Amazing.
For many years, the real estate sector has performed under the traditional model of face-to-face transactions between real estate company employees and consumers. The shift from ‘real life’ to ‘real time’ has been phenomenal within the real estate sector over the past three years. And Covid-19 has given real estate technology a huge boost. As a result, the latest upcoming trends in the market are rapidly reshaping many real estate traditions. Covid-19, the availability of real estate data in digitized form and the enhancement of AR/VR (Augmented Reality, Virtual Reality) technologies have led to many changes in consumer behavior, accelerating progress in this sector should do. The demand for digital transactions and virtual home tours has never been higher. 3D renderings and virtual walkthroughs have become standard offerings for most of India’s top property developers.
These days, almost every real estate activity is influenced by digital marketing, technology, and sales goals such as drafting, financing, construction, and traditional marketing. Both real estate sellers and buyers can benefit from the wide range of technology solutions available today. These solutions are cost-effective and offer both parties the prospect of connecting at levels never before possible.
In summary, developers and real estate consultants should facilitate the digital push even in smaller cities. This could increase housing demand and supply in smaller cities. In addition, the government has been pushing reforms in the real estate sector over the past three years to expedite the construction and completion of projects. Still, there is an urgent need for governments to inject funds to drive digitization into the sector for the long-term impact and recovery of the sector.
It would be ironic to say that technological innovation has simplified the way we do things.
Disclaimer
The above views are the author’s own.
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